Amorepacific Booth at the US BTS Concert in SoFi Stadium, Los Angeles. (image: Amorepacific)
SEOUL, June 16 (Korea Bizwire) — As China’s domestic market is facing fierce internal competition, South Korea’s cosmetics industry has found a new breakthrough in the global market, eyeing the North American region to expand its international presence.
Top cosmetics maker Amorepacific Corp.’s North America sales in the first quarter of this year jumped by 63 percent from last year, thanks to strong sales at Sulwhasoo and Laneige.
In the North American market, Amorepacific’s premium brand Sulwhasoo opened up 23 additional shops in March at global cosmetics chain Sephora and now holds a total of 51 stores throughout the region.
In January, Sulwhasoo was introduced to e-commerce platforms like Dermstore, Lookfantastic and Skin Store. In April, it began sales on Amazon as well.
Innisfree, another popular AmorePacific brand, also opened up shop at some 490 vendors including Sephora and Kohl’s, a department store retail chain, in April.
Meanwhile, LG Household & Health Care Ltd. acquired a 65-percent share of U.S. cosmetics firm The Creme Shop for 148.5 billion won (US$120 million) in April.
The company also acquired a 56-percent share of Boinca Inc., which owns America’s premium fashion haircare brand Arctic Fox, for $100 million last year.
These companies are focusing on the North American promotion of their cosmetics brands, which are not as well-known there compared to China or Southeast Asia.
Amorepacific brand Laneige released a new product designed in collaboration with K-pop supergroup BTS and signed on as a sponsor for the boy band’s U.S. tour.
Innisfree joined partnered with American actress and singer Sofia Wylie to promote the cosmetics brand through a variety of events.
Ashley Song (ashley@koreabizwire.com)
